U.S. Presidential Election 2024 & Bitcoin’s New All-Time High

The highly anticipated U.S. 2024 presidential election has taken place, coinciding with Bitcoin’s fourth halving year. As initial election results show Donald Trump leading, BTC surged to a new all-time high. Trump’s pro-crypto stance has fueled positive sentiment in the crypto markets.

Market Overview

• U.S. Stock Market: On Tuesday, Nov. 5, all three major U.S. stock indices closed in the green, each with gains of over 1%. Stock futures are also trending upward.

• Gold & Oil: Gold held steady at approximately $2,744 per ounce, while oil traded around $71.7 per barrel.
• Crypto Market: Bitcoin soared past its previous high, setting a new record at $75,300 before stabilizing around $74,000. Most major altcoins saw modest gains, and the total crypto market cap reached $2.564 trillion.

Bitcoin ETF Outflows

U.S.-based BTC spot ETFs witnessed net outflows of $116 million, marking the second consecutive session of withdrawals. Meanwhile, ETH ETFs showed zero inflows across the board, indicating a more conservative outlook on the Ethereum market.

U.S. Election Updates: Trump Leads, Bitcoin Soars

The U.S. election has left everyone eagerly awaiting final results. The 2024 race has been unpredictable, with polls from Silver Bulletin predicting a slight edge for Kamala Harris but with only a 0.3% difference compared to Trump—underscoring the uncertainty around the outcome.

Mike Novogratz’s Predictions

Galaxy Digital’s CEO Mike Novogratz speculated that a Trump victory could propel Bitcoin to $73,000, while a Harris win might result in BTC briefly dipping to $50,000 before recovering. Novogratz remains optimistic about Bitcoin's long-term potential regardless of the election results.

With Trump leading in initial vote counts, Bitcoin rallied to a new all-time high. Fox News officially declared Trump as the 47th President of the United States, ahead of AP and NBC.

State-Level Results: Pro-Crypto Advocate Wins in Texas

In Texas, prominent crypto supporter Senator Ted Cruz secured his seat in the Senate. Throughout his campaign, Cruz reaffirmed his support for Bitcoin and crypto as integral to Texas’ financial landscape.

Corporate Involvement in Crypto Continues to Rise

Semler Scientific

Medical device company Semler Scientific, which recently acquired 47 BTC in Q3, plans to increase its Bitcoin holdings. The company now holds 1,058 BTC and aims to purchase more via cash from its business operations and funds from its ATM program.

Eric Semler, Chairman of Semler Scientific: “We intend to continue purchasing Bitcoin with cash from business operations and from ATM program proceeds. Additionally, we’re exploring new financial opportunities to expand our BTC holdings.”

Small companies like Semler Scientific gradually accumulate BTC, following a similar strategy to Metaplanet, a Japanese investment firm.

Metaplanet’s Strategic Accumulation

Metaplanet, which has been steadily building its Bitcoin portfolio since early 2024, has seen its stock price soar by 897% year-to-date. The firm’s inclusion in CoinShares' Global Crypto Stock Index reflects its commitment to crypto.

Microsoft Eyes Bitcoin Investment

Meanwhile, tech giant Microsoft is considering a potential Bitcoin investment. Microsoft shareholders are scheduled to vote in December on whether the company should invest in BTC.

NCPPR (National Center for Public Policy Research): “Microsoft has a responsibility to safeguard shareholders' financial interests. If Bitcoin’s price surges and Microsoft chooses not to invest, shareholders may have grounds for legal action.”

The NCPPR, citing MicroStrategy's success, pointed out that MicroStrategy has outperformed Microsoft by over 300% due to its BTC holdings. Although the Microsoft board recommends voting against the proposal, NCPPR hopes the discussion will open a pathway for revisiting the decision in 2025.

Additional Developments in the Crypto World

1. VanEck Launches PYTH ETN in Europe: VanEck’s PYTH ETN functions similarly to an ETF but represents debt instead of equity, providing European investors exposure to crypto in a unique structure.
2. Binance Legal Battle Continues: Binance and former CEO Changpeng Zhao are requesting the court to dismiss the SEC’s amended complaint, which accuses Binance of violating securities laws. Binance argues that crypto transactions are not securities and that the SEC lacks a legal basis to classify all crypto assets as such. The case has been ongoing since June 2023, with regulatory debates continuing.

As the U.S. election concludes with Trump expected to take office, the crypto market is already reacting, with BTC hitting new highs and positive sentiment sweeping the space. The coming weeks will reveal how the regulatory landscape might shift under the new administration, potentially paving the way for broader crypto adoption and regulatory clarity.

Final Thoughts

The convergence of the U.S. election, BTC’s fourth halving year, and a pro-crypto administration could bring a new era of adoption and market growth.

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